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TOPIC: The 10 Commandments of Record Keeping

The 10 Commandments of Record Keeping 15 years 7 months ago #235

  • steph
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TIPS FOR HEALTHY RECORD KEEPING
    1 Get organised and stay organised.

    2 Decide what record keeping system works best for you. Some people may prefer to keep paper records, while others find an electronic software package more efficient.

    3 Set up a good filing system for your paperwork. If you don’t record your transactions frequently, it’s important to have a system for filing information that needs to be entered.
    A good filing system will help you follow up overdue debts and know when your accounts are due to be paid. This will help you manage your cash flow.

    4 Make sure your records can be understood by anyone, not just one person. Document how you keep your records, what your various records contain and where they are kept, and where you keep your back-up records.

    5 Obtain the required paperwork from suppliers and customers at the time of a transaction and record details as soon as possible - don’t leave it until later. You need paperwork to support your claims for tax deductions.

    6 Make sure your records contain enough information; for example, tax invoices with all the required information and cheque butts correctly filled out. It’s a good idea to cross-reference records; for example, when you pay bills, write the invoice number on the cheque butt and the cheque number on the invoice. You can also add notes to paperwork that will remind you later of special circumstances.

    7 Get into the habit of entering transactions into your cash books or software program regularly to keep your files up to date. You may choose to do this daily, weekly or monthly – but remember, the longer you leave it, the more difficult it is to catch up. Never leave record keeping until the end of the year.

    8 Make sure you enter transactions correctly into your cash books – mistakes can be costly.

    9 Don’t mix up personal and business paperwork; for example, by using business bank accounts and credit cards for personal transactions and vice versa.

    10 Ask for help before things get out of control. You may want to engage a bookkeeper to set up your books or set up a software program. Remember, these costs are generally a tax deduction for your business.
Stephanie Lee
Imprest Business Services
www.imprest.net.au
Facebook: www.facebook.com/Imprest.Bookkeep
"Professional bookkeeping and administration Services"
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